Business
USCB Financial Holdings, Inc. Reports Diluted EPS of $0.14 for Q4 2023
MIAMI, Jan. 25, 2024 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”),
About this update from Uscb Financial Holdings, Inc.
[{"type":"text","content":"MIAMI, Jan. 25, 2024 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $2.7 million or $0.14 per diluted share for the three months ended December 31, 2023, compared to net income of $4.4 million or $0.22 per diluted share, for the same period in 2022. “I am pleased to announce the results of a robust quarter at U.S. Century Bank, achieving loan production of $186 million with $150 million in loan fundings having a weighted average coupon of 8% on new loans,” said Luis de la Aguilera, Chairman, President, and CEO. “Despite facing one of the most aggressive Federal Reserve tightening periods in history, we've observed a steady improvement in our operating environment. Our Net Interest Margin (NIM) improved 5 bps in comparison to the previous quarter. Additionally, our accumulated comprehensive loss also showed improvement in the fourth quarter decreasing by $7.0 million to $44.3 million, which has increased our stockholders equity and tangible book value. As part of our commitment to address NIM compression, we executed a $10 million loss trade transaction selling lower-yielding securities and reinvesting the funds in higher-yielding investments. Acknowledging the industry-wide impact of an inverted yield curve on earnings, our focus in 2024 is geared towards continued higher-yield loan production, deposit pricing discipline, and leveraging our proven business lines as lead deposit aggregators,” said de la Aguilera. Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended December 31, 2023 compared to at or for the quarter ended December 31, 2022 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended December 31, 2023 was 0.48% compared to 0.86% for the fourth quarter of 2022. Operating pre-tax pre-provision profit (PTPP) return on average assets (non-GAAP financial measure) for the quarter ended December 31, 2023 was 1.03% compared to 1.69% for the fourth quarter of 2022.Annualized return on average stockholders’ equity for the quarter ended December 31, 2023 was 5.88% compared to 9.91% for the fourth quarter of 2022. The efficiency ratio for the quarter ended December 31, 2023 was 68.27% compared to 59.81...